NEWS23 December 2021

Indian insights industry to reach $4.2bn by 2026

Asia Pacific Financials News

INDIA – The local research and insights industry is expected to grow at a compound annual growth rate (CAGR) of 14% between now and 2026 to reach $4.2bn, double what it is currently worth.

aerial view of Mumbai India

India is fast becoming a global analytics hub, with international markets accounting for 75% of its revenue, according to the inaugural edition of the Indian Research & Insights Industry Report, published by the Market Research Society of India (headquartered in Mumbai, pictured above).

The fast-moving consumer goods (FMCG) and retail sectors are the largest consumers of research and insights, with a share of 27%, followed by information, communications & telecoms ( 16%) and then by banking, financial services & insurance ( 15%). India’s insights industry employs more than 125,000 people.

Breaking it down by the category of services provided, the report reveals that in 2020/21, marketing analytics accounted for 52% of revenue, while traditional market research and syndicated/publishing services stood at 32% and 16%, respectively. By 2025/26, the report forecasts that analytics will account for 59%, while custom market research and syndicated/publishing services will account for 27% and 14%.

Commenting on the report, MRSI president Sandeep Arora said: “The Indian research and insights industry has staged a robust recovery and is emerging as the most sought-after destination for analytics globally. The availability of talent coupled with proven expertise in data-handling, technology, infrastructure and cost competitiveness will lead to an orbital shift in the industry by 2030.

“We not only expect the industry to grow twofold in the next five years, but can safely estimate that it will reach $10bn by 2030, especially with the strategic direction that most providers are adopting to move towards MR 3.0.”

MRSI partnered with Value Notes as the research partner for ensuring methodological objectivity of the industry report. The document curates the findings from desk research and the secondary data of 198 companies, as well as more than 140 interviews conducted with industry professionals.